Business
Further Statement re Covid-19 and Update
Further Statement re Covid-19 and Update.
About this update from Quadrise Plc
[{"type":"text","content":"\n \n \n RNS Number : 5754L\n Quadrise Fuels International PLC\n 01 May 2020\n \n \n \n \n 1 May 2020\n \n \n \n \n \n \n \n \n Quadrise Fuels International plc\n \n \n (\"Quadrise\", \"QFI\", the \"Company\" and together with its subsidiaries the \"Group\")\n \n \n \n \n \n Further Statement re Covid-19\n \n \n \n \n \n Update on Business Development Activities and Funding Position\n \n \n \n \n \n \n Following the adoption of proactive measures taken in early March 2020 to protect the Group's employees and business, QFI has continued to make progress in its business development and research activities.\n \n \n \n \n \n When the Company announced its interim results on 30 March 2020, it was confirmed that initiatives to reduce costs had enabled the Company to extend its period of operation on current funds to 31 March 2021. The Company is now pleased to announce that a total of over £0.5m in cost savings and reduced financial commitments have been achieved, which will enable the Company to continue to operate through to mid Q2 2021, based on existing funds. This provides the Company with a significant cash runway before new funding is required. \n \n \n \n \n \n Savings have been made through a variety of actions; reducing the overall costs of the board, consultant cost reductions, revisions to the office lease, and furloughing of certain members of staff. We are also seeking to access to other UK Government support schemes where this is appropriate.\n \n \n \n \n \n Our equipment and MSAR® fuel for the first phase pilot plant trial in Morocco are now on site and the joint project team remains in regular contact to progress the second phase activities for the trials on the client's larger commercial units. When we can gain safe access to the site, we will be able to commence the pilot trial and further progress the FEED study. The expected successful outcome of the pilot trial, and submission of the FEED study, will release payment for phase 2 in advance of the commercial trial agreements.\n \n \n \n \n \n We have received extensive information from the client in South America and the techno-economic studies are being finalised, prior to being shared with Freepoint Commodities and the client. \n \n \n \n \n \n In the marine sector, discussions w...